IMF, World Bank and BIS champion central bank digital currencies at G20
A new report released by the triumvirate of global finance argues that central bank digital currencies will benefit worldwide development. In a joint report, the International Monetary Fund (IMF), the World Bank and the Bank of International Settlements (BIS) have proposed to the G20 that a cross-border network of central bank digital currencies (CBDC), underpinned by efficient technological integration and proactive international cooperation, could be of significant benefit to the world economy.The report focuses on broadening the horizon beyond central banks’ individual studies of CBDCs....
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India’s central bank is carefully considering the merits of issuing a digital rupee as CBDC exploration continues to gather steam across the globe. The Reserve Bank of India could commence preliminary central bank digital currency (CBDC) trials before the end of the year.Speaking to CNBC on Thursday, RBI governor Shaktikanta Das said that the central bank was “being extremely careful” in its handling of a potential digital rupee even as its counterparts around the world are exploring their own sovereign digital currencies.According to Das, the RBI’s focus is on examining the potential....
The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the world’s top 10 central banks. A growing number of central banks worldwide are working to launch central bank digital currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) revealed Monday its plan to issue a state-backed digital currency within the next five years. The announcement was part of the central bank’s “2023-2026 strategy” to “position it among the world’s top 10 central....
Now that Bitcoin is gaining more popularity all over the world; the time has come – once again – for central banks to warn about the potential dangers of digital currency. Just a few days ago, a similar warning was issued by the Minnesota Commerce Commissioner. But this time, it’s the central bank of Kenya issuing a statement on trading or holding Bitcoin and other virtual currencies. Similar to how most central banks in the world would respond, Kenya’s central bank is not a big fan of the “dangers” represented by Bitcoin and other digital currencies. Bitcoin is not regulated in Kenya at....
While countries like Bangladesh and Ecuador are outright banning bitcoin and other digital currencies, Italy has taken an interesting first stance on the matter. In a notice on virtual currencies, published on January 30, the Central Bank of Italy acknowledged the use of virtual currencies as legal in their country. The Central Bank of Italy started off their notice with an explanation of digital currency, then noted that the Financial Action Task Force (FATF) published a paper on digital currencies in relation to money laundering and terrorism. The Central Back then explained that the....
Recent sub-zero temperatures may have paralysed parts of Eastern Europe, but they haven't done much to slow down the Bank of Russia, the country's central bank. On Monday, the bank issued a statement on the use of digital currencies. It resembled similar warnings issued by regulators in Asia and Europe over the past few months, so the pattern is very familiar. The bank points out that these currencies aren't backed by a state entity, that they are speculative in nature and that trades are carried out on virtual exchanges are "high risk". The statement goes on to warn citizens and....